Prepare journal entries for the following transactions in June 2016.
1. Borrowed $100 000 cash from the bank and signed a note due in two years.
2. Purchased inventory costing $15 000 on credit.
3. Sold inventory costing $12 000 to customers for $20 000 on account.
4. Received a $5000 deposit on a rental property to be rented for the month of January 2017.
5.Received $10 000 from a customer in question 3.